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Financial Capability Jan Ferrari Financial Services Authority 4 December 2009.

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1 Financial Capability Jan Ferrari Financial Services Authority 4 December 2009

2 National Strategy for Financial Capability The Financial Services Authority leads the National Strategy for Financial Capability We work in partnership with the Government, financial services industry, employers' organisations, consumer organisations and not-for-profit sector to improve the financial capability of people in the UK Financial capability means: –being able to manage money –keeping track of finances –planning ahead –making informed decisions about financial products –staying up to date about financial matters

3 How can FSA resources help? Direct to consumer and through intermediaries We know that intermediaries - e.g. health professionals and local authority staff - are often asked about money issues …..and may need information themselves FSA resources are free and impartial

4 Website, free guides and useful tools Practical tips on the financial implications of major life events - such as starting a job or managing in retirement Interactive online tools, such as the budget calculator, financial healthcheck and mortgage calculator Tips on how to shop around, and Compare Products tables to compare the features and costs Consumer helpline

5 Coming soon….money guidance Currently available in the North East and North West. The Government has announced the UK- wide roll-out - due to start in This extended Moneymadeclear service can help you or your clients with everything from budgeting to borrowing, savings to mortgages. Available on-line, over the telephone and through face-to-face appointments with dedicated money guides.

6 More FSA resources…..

7 The Parents Guide to Money A spiral-bound booklet for expectant parents with sections on the key issues - including: maternity and paternity leave the cost of childcare Child Tax Credits and other benefits Child Trust Fund saving and borrowing Parents can dip in and out to find the information they need, when they need it Easy to use calculators on our website at Midwives and childrens centres are issuing the guide A million copies issued so far!

8 For young adults….. Young People and Money: –Free training programme for staff working with young people who are either not in education, employment or training (NEET) or at risk of being 'NEET' –Details at What about money: –website aimed at young adults –

9 Making the Most of Your Money Financial education seminars – one hour long Delivered in the workplace Topics covered: –Budgeting –Saving and investing –Borrowing –Dealing with problem debt –Protecting what you have –Planning for retirement

10 For professionals working with clients with mental health problems Final Demand – Debt and Mental Health One in four people has a mental health problem – and one in four of those is also in debt. Information on how professionals can give practical help to people with debt and mental health problems – you dont need to be an expert. Produced by the Royal College of Psychiatrists and Rethink, and funded by the FSA. See for the booklet and how to order

11 And more……. Schools –Find out about our work with schools at Further and higher education –Information on our Money For Life programme at –and Money Doctors at work/higher_education/ work/higher_education/index.shtml Partnership development –We work with the voluntary sector to reach vulnerable groups. –Priorities this year are social housing, learning disabilities, mental health, offending and autism. –Find out more at work/partnership_development/ work/partnership_development/index.shtml

12 Contact details and further information Jan Ferrari details of all of our projects research into the link between financial capability and wellbeing

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